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G-7 Sets Russian Oil Price Cap of $60 a Barrel
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The Group of Seven advanced democracies agreed to cap the price of Russian crude oil at $60 a barrel, moving forward with an unprecedented sanction on one of the world’s largest oil producers months after its invasion of Ukraine.
The agreement among Australia and the G-7—Canada, France, Germany, Italy, Japan, the U.K. and the U.S.—came just hours after the European Union united behind the figure. Poland, a holdout over the past few days for a lower cap, agreed to $60 a barrel earlier on Friday, clearing the way for the deal. The European Commission, the EU’s executive arm, had initially proposed setting the cap between $65 to $70 a barrel.
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